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This paper performs a nonlinear estimation of a normalized CES production function within a system of equations with a panel of Spanish regions for the period 1964-2013. It obtains an elasticity of substitution below one and identifies different rates of factor-augmenting technical progress. The...
Persistent link: https://www.econbiz.de/10013489800
This paper performs a nonlinear estimation of a normalized CES production function within a system of equations with a panel of Spanish regions for the period 1964-2013. It obtains an elasticity of substitution below one and identifies different rates of factor-augmenting technical progress. The...
Persistent link: https://www.econbiz.de/10014345326
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focus on Spain and the U.S. and show that the elasticity of substitution is above one in Spain and below one in the U.S. We … also show that the price markup drives the elasticity of substitution away from one, upwards in Spain, downwards in the U …
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